JOIN USIndian markets continued to log in big gains for the second consecutive day.
While the Sensex zoomed 485.51 points (1.88%) to end at 26,366.68, the Nifty 50 closed 134.75 points (1.7%) higher at 8069.65. The Sensex has now gained 1,062 points in the last two days.
Improvement in March quarter numbers on the last leg of the earnings season showed that the economy is gaining traction, which buoyed sentiment further.
According to traders, the rally was mainly on account of expectations of a good monsoon and rise in crude prices. Oil broke past the $50 per barrel for the first time this year, after data showed US crude inventory declined, which kept Asian markets too in good spirits.
After a strong performance by the BJP in recently-held Assam assembly elections, expectations have grown that the growing political comfort for the ruling party would help expedite various economic reforms by the Modi government in its third year.
In spite of all this, worry lines remained, given uncertainties over US tightening its monetary policy earlier than expected and a slowing Chinese growth.
L&T was the top gainer on Nifty 50, ending up nearly 14% after the company reported good set of results for the fourth quarter. Analysts have been quite upbeat about the prospects of the company following the results which beat market expectations.
Other major gainers included State Bank of India, BHEL, Axis Bank, Idea, Kotak Mahindra Bank and Yes Bank. Losers on Nifty 50 included Bharti Infratel, HCL Tech, Eicher Motors, Bosch, RIL and GAIL.
As far as advances and declines on NSE were concerned. 912 out of a total of 1628 scrips advanced while 621 declined. 38 securities hit new 52 week high on NSE while 34 securities hit 52 week low.